DALLAS--(BUSINESS WIRE)--The
Howard Hughes Corporation® (NYSE:HHC) announced today that it has
entered into a new employment agreement with Chief Executive Officer,
David R. Weinreb, with a term of ten years through 2027. In addition,
Mr. Weinreb recently completed the acquisition of 1,965,409 million
warrants with a strike price of $124.64 and a term of six years at fair
market value by making a payment of $50.0 million to the company. The
warrant cannot be sold or hedged for five years except in the event of a
change in control, termination without cause or the separation of the
executive from the company for good reason. Mr. Weinreb did not sell any
of his owned shares to fund the purchase of the warrants and has agreed
to hold a minimum of 401,156 shares of the company’s common stock in
addition to the warrant for at least five years.

“I am very pleased that HHC has secured David's visionary leadership
through the coming decade,” said William Ackman, the company’s Chairman.
“With his recent $50 million warrant acquisition, David is once again
making a large investment in the company, strengthening his already
strong alignment with our shareholders. David’s proven track record over
the last six years at the helm of HHC is a testament to David's
leadership and ability to assemble a world-class team." Since the time
Mr. Weinreb has taken the company public and served as the CEO, The
Howard Hughes Corporation® has delivered a total shareholder return
of 207.4% versus 102.0% for the S&P 500.

"As evidenced by my recent investment, I am more inspired and confident
in HHC's prospects today than ever,” said Mr. Weinreb. “Over the last
six plus years, we have transformed a collection of disparate assets
into a market leading enterprise that will act as the foundation for the
next stage of the company's growth. Having skin in the game has always
been core to my investment philosophy. This investment affirms my
belief in the business and my team's commitment to creating long-term
shareholder value. You can be certain that we will treat your capital as
if it is our own."

About The Howard Hughes Corporation®

The Howard Hughes Corporation owns, manages and develops commercial,
residential and mixed-use real estate throughout the U.S. Our properties
include master planned communities, operating properties, development
opportunities and other unique assets spanning 14 states from New York
to Hawai‘i. The Howard Hughes Corporation is traded on the New York
Stock Exchange as HHC with major offices in New York, Columbia, MD,
Dallas, Houston, Las Vegas and Honolulu. For additional information
about HHC, visit www.howardhughes.com.

Forward-Looking Statements

Certain statements contained herein are “forward-looking statements”
within the meaning of the federal securities laws. Statements that are
not historical facts, including statements about our beliefs, intentions
and expectations are forward-looking statements. Statements containing
the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,”
“intend,” “likely,” “may,” “plan,” “project,” “realize,” “should,”
“transform,” “would,” and other statements of similar expression
constitute forward-looking statements. Forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause our actual results, performance and achievements to materially
differ from any future results, performance and achievements expressed
or implied by such forward-looking statements. Such factors include, but
are not limited to, factors discussed in our public filings, including
the risk factors included in the company’s most recent Annual Report on
Form 10-K for the year ended December 31, 2016. Readers are urged to
consider these factors carefully in evaluating the forward-looking
statements and are cautioned not to place undue reliance on such
forward-looking statements. Except as required by applicable law,
including the securities laws of the United States and the rules and
regulations of the Securities and Exchange Commission, we undertake no
obligation to publicly update or revise any forward-looking statements
to reflect events or circumstances occurring after the date hereof.
Additionally, past performance is not indicative of future results.